First Industries Fund (FIF)

A Pennsylvania loan-guarantee program, administered through the Commonwealth Financing Authority (PA DCED), that supports the agriculture and tourism industries — including farm operations — for land/building acquisition and construction, machinery and equipment, and working capital.

• For-profit business enterprises, including corporations, limited liability companies, sole proprietors, cooperatives, and partnerships.

• Non-profit organizations.

• The applicant must be engaged in agriculture-related or tourism-related activities as defined in the program guidelines.

• The project must relate to the promotion and development of agriculture or tourism within Pennsylvania.

• The applicant must be obtaining a loan from a commercial lending institution or a community development financial institution.

• An enrolled lending institution may apply for the guarantee on behalf of the borrower.

• The guarantee cannot support working capital lines of credit or the refinancing of existing debt.

• The Commonwealth or a Commonwealth authority may not be providing matching financing to the loan being guaranteed.

• At least $500,000 of private funds must be invested in the project.

• Collateral for the loan must be sufficient to cover the full amount of the loan.

Guarantees 50% of principal up to $2.5 million (up to 90% for agricultural projects) for land/building acquisition and construction, machinery/equipment, and working capital.

Apply through an enrolled lender, which works with the Commonwealth Financing Authority for the guarantee.